Vulcan Flyovers offers scenic overflights of Mount St. Helens, the volcano in Washington State that explosively erupted in 1982. Data concerning the company's operations in July appear below: Vulcan Flyovers Operating Data For the Month Ended July 31 Actual Flexible Planning Results Budget Budget Flights (9) 53 53 51 Revenue ($350.000) $ 16,300 $ 18,550 $ 17,850 Expenses: Wages and salaries ($3,000 + $85.00) 7,475 7,585 7,335 Fuel ($31.000) 1,811 1,643 1,581 Airport fees ($810 + $32.009) 2,396 2,506 2,442 Aircraft depreciation ($9.00) 477 477 459 Office expenses ($210 + $1.000) 431 263 261 Total expense 12,590 12,394 12,078 Net operating income $ 3,710 $ 6,156 $ 5,772 The company measures its activity in terms of flights. Customers can buy individual tickets for overflights or hire an entire plane for an overflight at a discount. Required: 1. Prepare a flexible budget performance report for July that includes revenue and spending variances and activity variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Vulcan Flyovers Flexible Budget Performance Report For the Month Ended July 31 Flexible Budget Actual Results Planning Budget 51 Flights 53 53 S 16,300 S 18,550 S 17,850 Revenue Expenses: Wages and salaries Fuel Airport fees Aircraft depreciation Office expenses Total expense Net operating income 7,475 1,811 2,396 477 7,505 1,643 2,506 7,335 1,581 2.442 459 477 431 12,590 3,710 263 12,394 6,156 261 12,078 5,772 S S S